Sutherland Asset Management, a REIT that acquires, originates, manages and services small balance commercial (SBC) loans, postponed its IPO on Thursday citing poor market conditions. The externally-managed REIT was planning to raise $125 million by offering 8.1 million shares (25% insider) at a $15 to $16 range. At the proposed midpoint, the New York-based company would have commanded a market value of $592 million. Sutherland planned to list on the NYSE under the symbol SLD. J.P. Morgan, Morgan Stanley, FBR Captial Markets, Citi and Keefe Bruyette Woods were bookrunners on the deal.
